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Yes, you can pay for online bookings, subscriptions or purchases on international websites. Just ensure the currency loaded matches the merchant’s billing currency to avoid extra charges.
It is chip-enabled and secured with a PIN so even if your Forex card gets lost or misplaced, your funds remain safe. Unlike cash, you can also get it blocked and replaced quickly with minimal loss.
Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
Planning your first international trip feels exciting until you realise what’s the best way to carry money. There are so many questions that could be running through your mind. Whether you should convert cash there or if you can just regularly swipe your debit card. While trying to find you best fit, you might have also come across Forex cards.
You’ve probably heard the term thrown around but what does it mean? How does a Forex card work and more importantly, how do you use it? Let's break it down in the simplest way possible.
What is the use of a Forex card?
A Forex card is a prepaid travel card that allows you to load foreign currency before you travel. You can use it abroad just like your debit or credit card for swiping at stores, paying at restaurants, withdrawing from ATMs or even booking services online.
Unlike regular debit or credit cards, a Forex card lets you lock in the exchange rate at the time of loading. This helps protect your travel budget from currency fluctuations. It's also more secure than carrying large amounts of cash and doesn’t link directly to your savings account.
How does a Forex card work?
Once you apply for a Forex card, you can load it with one or more foreign currencies as per your travel plan. The amount gets loaded at the prevailing exchange rate. Kotak Mahindra Bank allows this through net banking or mobile banking.
While travelling, you can use the card at any outlet or ATM that accepts international cards. For instance, if you're visiting the UK and you've loaded your card with GBP then every transaction will directly deduct the equivalent amount in Pounds. You can also reload your Kotak Forex card online during the trip, so you’re never stuck if you need more funds. Plus, you can track your balance and spending in real time through mobile banking.
How to load foreign currency in a Forex card
Once you’ve got your Forex card, the next step is to load it with the currency you’ll need during your trip. The process is straightforward but knowing how it works in advance can save you time and help you plan better.
Most banks allow you to load your Forex card online through their digital platforms. You’ll need to log in using your credentials and head to the Forex or travel card section. Make sure your card is already activated before proceeding.
Based on where you’re travelling, select the relevant currency. Kotak Forex Cards is available in 15 currencies including USD, EUR, GBP, SGD and many more. Next, enter the amount you want to load. The system should show you the current exchange rate applicable at that moment. Once you confirm then the currency gets loaded at that locked in rate.
Next, you’ll need to complete the payment from your savings account. Some banks may also allow loading through debit or net banking transfer. Always double check the total amount before you authorise.
Once the transaction goes through, you’ll receive a confirmation via SMS or email. Kotak Forex Cards are activated with the loaded currencies within 24 hours of the bank getting clear funds from your end. Once active, the card can be used at any international location.
Where can you use the card?
1. For in-person payments abroad
Whether it’s for meals, transport, shopping or hotel bookings, you can use the Forex card at any international outlet that accepts Visa or Mastercard. It works just like a regular card without daily conversion charges.
2. At ATMs in foreign countries
In case you need cash, Forex cards allow ATM withdrawals in the local currency. Do check the applicable withdrawal charges and daily limits which may vary by bank.
3. For international online transactions
You can use Forex cards for online purchases or bookings such as flight tickets, hotel stays or local events. Just make sure the transaction is in a currency already loaded on the card. So, if you’re planning ahead then this feature comes in handy.
If you want control over your budget, safety while travelling and predictable costs then a Forex card is a strong option. It works well for tourists, students, business travellers and even parents sending money to children studying abroad.
Kotak Mahindra Bank offers secure and reloadable multi-currency Forex card. They come with added benefits like emergency support, travel assistance and mobile tracking. All this makes travelling easier and safer, while giving you peace of mind.
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